Economic Impact Study Highlights Transformative Benefits of Bridgeport Stadium & Waterfront Development

UConn Analysis Projects $3.4 Billion in Economic Benefit and Thousands of Jobs

BRIDGEPORT, Conn., Feb. 12, 2025 /PRNewswire/ -- A newly released economic impact analysis conducted by the Connecticut Center for Economic Analysis (CCEA) at the University of Connecticut and jointly commissioned by Connecticut Sports Group and Park City Development Group underscores the substantial economic benefits of the proposed $1.6 billion waterfront development in Bridgeport, anchored by a professional soccer stadium. The study projects that the development will generate $3.4 billion in economic output and create thousands of jobs while helping to revitalize the local economy, increasing property values and enhancing the region's quality of life.

Key findings of the study:

• Job Creation: The complex will sustain over 1,300 new permanent jobs annually on average from 2025 to 2050.
• Economic Growth: Economic impact is estimated at $3.4 billion over the 25-year period.
• State and Local Fiscal Benefits: The development will maintain a positive fiscal balance, with revenues exceeding expenditures every year, culminating in over $1 billion net increase in state and local tax revenue.

A Catalyst for Economic Revitalization

The waterfront development includes a state-of-the-art stadium initially seating up to 10,000 fans, with plans for a future expansion to 22,000 to accommodate an anticipated Major League Soccer (MLS) team. A potential National Women's Soccer League (NWSL) team is also evaluated in the plan. The mixed-use elements of the project, which comprise the large majority of the investment, includes 1,005 apartments (potentially expanding to 1,500), a 260-key hotel and conference center, and 68,000 square feet of retail and restaurant space. Additionally, it will include a public park and play spaces, a riverwalk, and improved pedestrian access, transforming an underinvested and dormant area into a dynamic residential, shopping and entertainment district.

"This development will serve as a cornerstone for the Bridgeport region's resurgence," said Dan Onofrio, President of the Bridgeport Regional Business Council. "It is designed to generate sustained economic benefits, attract investment, and create a thriving community hub. Its proximity to the train station, ferry, bus routes and I-95 ensures convenient access to residents throughout Connecticut and nearby states."

Strong Economic Benefits Regardless of Scenario

The study analyzed two scenarios—one with an up to 10,000 capacity stadium for Connecticut's MLS Next Pro team CT United, and another with a full-scale 22,000 capacity MLS stadium anchoring the waterfront development. The two scenarios include the same housing, hotel, retail and green space components. Even in the smaller-scale scenario, the economic benefits remain significant, with $2.2 billion in economic impact and nearly 700 incremental jobs annually. The stadium is the key to the project. "Development partners and investors have made it clear the stadium is a must-have to trigger their investment in the housing and hotel, both desperately needed in Bridgeport," said André Swanston, Partner of Connecticut Sports Group.

"This report affirms our vision that this project is a game-changer for Bridgeport and the state of Connecticut," said Fred Carstenson, Director of the Connecticut Center for Economic Analysis. "The numbers speak for themselves, and the financial returns and long-term economic growth far exceed the level of state investment."

To review the economic impact study, please visit: Impacts of Building and Operating a Mixed-Use Waterfront Complex and Major League Soccer Stadium in Bridgeport, Connecticut.

About Connecticut Center for Economic Analysis (CCEA)
The Connecticut Center for Economic Analysis (CCEA) is a University Center located within the School of Business at the University of Connecticut (UConn). CCEA specializes in economic impact and policy analysis studies, as well as advising clients regarding business strategy, market analysis, and related topics. CCEA focuses particular attention on the economic and business dynamics of Connecticut. CCEA's studies of state issues are founded on data sets maintained by Amherst, Massachusetts based Regional Economic Modeling, Inc. (REMI), which licenses dynamic models of the state's economy. https://ccea.uconn.edu/

About Connecticut Sports Group
Connecticut Sports Group's (CTSG) vision is to create unforgettable experiences that inspire communities. We will own and operate professional sports franchises and state-of-the-art venues, utilizing cutting-edge technology and data to deliver superior service. Through our innovative approach and unwavering commitment to excellence, we aim to revolutionize the sports and entertainment industry and bring diverse communities together. https://www.ctsportsgroup.com/ 

About Park City Development Group
Park City Development Group is committed to revitalizing the greater Bridgeport region through transformative real estate projects that drive economic development and enhance quality of life.

SOURCE Connecticut Sports Group